globalisation

globalisation

1. advantages

   • reduction in extreme poverty rates
   • more competition in cosumer markets
   • cheaper goods and sevices for consumers
   • gains from specialisation of factors of production
   • transfer of ideas stimulates innovation
   • gains from increased labour mobility

2. disadvantages

   • inequality
   • inflation
   • vulnerable to external economic shocks
   • threats to the global commons
   • race to the bottom
   • trade imbalances
   • unemployment
   • standardisation
   • dominant global brands